Asumsi keruwetan atau kompleksitas suatu system pembayaran dengan letter. A banks duties under letters of credit and the ucp 600. Prinsip independensi letter of credit dalam kontrak dasar perdagangan internasional. Ucp 600 rules changing letter of credit business for international traders. The reason that not all standbys are issued subject to rules is the ucp itself. Letter of credit pengertian, fungsi, pelaku, tata cara. Supplement to ucp 600 for electronic presentation english only. It explains how the practices articulated in ucp 600 are applied by documentary practitioners.
Surat kredit wikipedia bahasa indonesia, ensiklopedia bebas. The ucp 600 rules in letter of credit lc um research repository. This defines terms not defined in ucp 600, such as shipping documents and. At trade finance global, many people ask whether the ucp 600 will be revised. This publication and the ucp should be read in their entirety and not in isolation. Icc uniform customs and practice for documentary credits ucp 600. Other rules isbp international standard banking practice 745. Letters of credit nacm national association of credit. Ucp600 article 1 application of ucp the uniform customs and practice for documentary credits, 2007 revision, icc publication no. Implementasi ucp 600 di dalam transaksi letter of credit lc home \ info workshop \ selasarabu,1718 feb 2015 09. General manager, sumitomo mitsui banking corporation europe ltd, london and carlo di ninni. Contrary to article 32 of the ucp, this credit remains. Ucp revised in year and ucp replaced the previous version of the letters of credit rules. Ucp 600 is the latest version of the letter of credit rules.
Sebelumnya bankbank umum di indonesia, dalam praktik mengikuti pengaturan l c menurut ucp dc 290. Date and place of expiry in usa lc should expire at least 30 days after latest shipment date. Irrevocable letter of credit an irrevocable letter of credit is one which cannot be cancelled or. Letter of credit lc dalam ucp 600 commercial letter of credit merupakan nyawa dari system perdagangan internasional dan telah lebih dari 70 tahun icc international chamber of commerce menetapkan aturan yang mengatur tentang letter of credit di seluruh dunia. The new rules for documentary credits, the ucp 600, will come into effect on 1 july 2007. Ucp 600 does not provide detailed rules relating to the character of irrevocable credit. Menurut ucp pasal 2 ucp 500 letter of credit adalah janji membayar bank penerbit ke bank penerima yang pembayarannya hanya dapat dilakukan oleh bank penerbit jika penerima menyerahkan kepada bank penerbit dokumendokumen yang sesuai dengan persyaratan lc. View our updated 2020 guide on the 39 articles of ucp 600. Sejak tanggal tersebut diharapkan semua bank yang menerbitkan lc baru mengacu pada ucp 600. The letter of credit shall be irrevocable and issued under the rules of ucp 600.
Setelah mengetahui apa pengertian letter of credit, tentunya kita juga harus mengetahui fungsi dan tujuan lc ini dalam bisnis eksporimpor. Further ucp 600 does not provide for revocable lcs and therefore such credits no longer exist. All s of ucp 600 belong to the icc, therefore it is not legal to share it. Documentary letters of credit, legal nature and sources of law. Pdf a letter of credit lc, in international trade may be described as an instrument of.
Almarhum tuanku abdul rahman, yang di pertuan besar negeri. The ucp rules are used by bankers, traders, lawyers, transporters, academics and others who deal with letter of credit transactions in more than 175 countries. Letters of credit 1 letters of credit security of payment and protection against nonperformance a letter of credit is a promise by a bank on behalf of the buyer customerimporter to pay the seller beneficiaryexporter a specified sum in the agreed currency, provided that the seller submits the required documents by a predetermined deadline. Ucp600 telah diterima secara luas sebagai aturan internasional.
Time to update the ucp 600 by anna mari antoniou lecturer in maritime and commercial law, university of essex a. As per article3 of ucp 600, a credit is irrevocable even if there is no indication to that effect. Overview of ucp 600 articles 17 39 ucp related documents update what needs to be done to prepare. Ucp 600 and the opinions and decisions of the icc banking commission. Pdf will the ucp 600 provide solutions to letter of. The ucp 600 is a set of rules developed by the international chamber of commerce on the issuance and governance of letters of credit, which account for a significant proportion of global trade finance transactions. Ucp 600 ebooks that every exporter and importer should read. Ucp600 article 1 application of ucp pdf book manual free. Because of the great advantage of rules, many standbys are issued subject to the ucp. In grains and industrial products trading pte ltd v bank of india and another 2016 sgca 32, the court of appeal examined the relationship and obligations. Pdf ucp 600 rules changing letter of credit business for. It is drafted by icc banking commission and published by icc services. Pelaksanaan prinsip syariah dalam amalan perbankan islam di malaysia. Ucp 600 isp98 both rules are governed by the icc and are quite similar in a number of ways however the latter was specifically designed for sblcs although ip98 is geared towards the sblc there seems tom be some reluctance by parties to issue sblcs under these rules ucp 600 will work almost just as well as isp98 however its.
Documentary credits issued before 1 july 2007 will continue to be subject to ucp 500, whereas documentary credits issued on or after 1 july 2007 will be subject to the new rules. Ucp 600 berlaku efektif sejak 1 juli 2007 menggantikan pedoman sebelumnya ucp. Where a credit is issued subject to ucp, the credit will be interpreted in accordance with the entire set of 39 articles contained in ucp views read fredits view history. Article pdf available in international journal of economics and business research 12 january 2009 with 15,665. Mungkin terlalu berlebihan kalau saya bilang letter of credit bagi banyak orang dari kalangan usaha yang awam merupakan suatu momok yang menakutkan, tetapi tidak sedikit dari mereka yang merasa makhluk yang namanya letter of credit itu merupakan suatu yang asing, njelimet, penuh resiko dan banyak aturan. International chamber of commerce, uniform customs and practice for documentary credit, icc publication no. Lc diatur dalam uniform customs and practice for documentary credit ucp international chamber of commerce icc publication no. For the sake of convenience, it is suggested that the characteristic of the irrevocable credit.
New rules for commercial lcs byrne and davis article. The uniform customs and practice for documentary credits ucp is a set of rules on the contents. Uniform customs and practice for documentary credits ucp 600 supplement for electronic presentation eucp version 2. Ucp 600 and letters of credit trade finance global 2020 guide. Global rules icc international chamber of commerce.
Pdf documentary letters of credit, legal nature and. Icc uniform customs and practice for documentary credits ucp 600 the ucp is utilized by bankers and commercial parties in more than countries in trade finance. The stages of a letter of credit operation are as follows. The ucp 600 replaced the ucp 500 in july 2007, with the aim of reducing ambiguity and the possibility of rejecting documents. It therefore, indicates that under ucp 600 there is only one type of credit, named irrevocable letter of credit. Pdf an issue on uniform customs and practice for documentary.
Key differences for standbys is the ucp appropriate for standby letters of credit. The ucp provisions have determined the rules of engagement between the various parties to a lc letter of credit and in particular between the banks. Practice for documentary credits 600 ucp 600 serves as a standardised set of rules on the issuance and use of letters of credit, and is adopted for use by most banks worldwide. Implementasi ucp 600 di dalam transaksi letter of credit. Documentary credits ucp participants under a letter of credit applicant or account party buyerimporter beneficiary sellerexporter issuing bank the importer s bank advising bank usually a bank located in the exporter s locale and through which the credit has been. Thus, due to this loophole in the ucp 600 the rules relating to the irrevocable credit provided by the ucp 500 still can be referred to. Where a credit is issued subject to ucp, the credit will be interpreted in accordance with the entire set of 39 articles contained in ucp this latest version, called the ucp, formally commenced on 1 july in such case, the credit has to nullify the effect of article 32 of ucp, such as by wording the credit as. Pdf ucp 600 rules changing letter of credit business. The 39 articles of ucp 600 are a comprehensive and practical working aid to bankers, lawyers, importers, and exporters, transport executives, educators, and everyone involved in letter of credit. Pdf islamic banks in malaysia offer letter of credit lc wakalah agency and. Letter of credit dapat digunakan sebagai media untuk menyelesaikan masalah kedua belah pihak importir dan eksportir. Menurut hasil trade finance global survey, penggunaan instrumen lc masih berkisar 40% dari total transaksi global dalam perdagangan internasional. International letter of credit practice is governed by a set of rules produced by the international chamber of commerce, the latest version of which is known as ucp 600 uniform customs and practice for documentary credits.